The Financial Ombudsman Service (FOS) has confirmed it will collect £24.5m from the industry for the coming year, after the body predicted there would not be a meaningful rise in complaints in the period.
The FOS stuck to its previous proposals to increase its fees for 2016-17 by 5% - from £23.3m to £24.5m - effectively freezing last year's levy but taking into account £1.2m for the transition of consumer credit. The organisation will also keep the number of free cases at 25 per firm and freeze the standard case fee payable thereafter at £550, it confirmed in its business plan, published on 21 March. It expects to have a total operating income of £226.5m in 2016-17, resulting in an operating deficit of £38.5m after deducting projected costs - compared with last year's budgeted deficit ...
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